Assicurazioni Generali S.p.A. (ARZGY.PK), an Italian insurance major, on Tuesday recorded a rise in net result for the first-quarter, reflecting strong performance of all divisions.
Generali Group CFO, Cristiano Borean, said: "The P&C segment also benefits from the consolidation of Liberty Seguros for the first time, an acquisition which is already contributing positively to the Group's earnings profile."
For the three-month period, including 58 million euros capital gain from the disposal of TUA Assicurazioni, the company recorded a net result of 1.256 billion euros, higher than 1.199 billion euros last year.
Excluding items, result slipped to 1.119 billion euros or 0.73 euro per share from previous year's 1.229 billion euros or 0.80 euro per share. Last year's adjusted result was included a non-recurring capital gain of 193 million euros net of taxes, related to a London real estate development disposal. Excluding this effect the adjusted net result would have increased by 8 percent.
Consolidated operating result improved to 1.898 billion euros from 1.800 billion euros in 2023, with positive contribution from all business segments.
The Group's gross written premiums stood at 26.4 billion euros, higher than 22.163 billion euros, with strong performances in both the Life and P&C segments. Life net inflows returned to positive levels of 2.3 billion euros, entirely driven by protection and unit-linked.
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